Crypto analysis for September 20

We make up a crypto markets overview containing the detailed technical analysis on Bitcoin and top altcoins. The market analysis is performed on the Daily timeframe.

Key topics

• Bitcoin (BTC/USDT)
• Ethereum (ETH/USDT)
• Binance Coin (BNB/USDT)
• APE (APE/USDT)
• Dogecoin (DOGE/USDT)
• Bottom Line

Bitcoin (BTC/USDT)

The market is in the uptrend on the Daily timeframe. The market reached the support level on September 19 and the bullish candle was formed. That formed the pullback buying opportunity.

The first target in the upward movement is the resistance level formed on September 11 – 13 with the borders of $22,355 – $22,780.

In case of successful development of the trend, a more distant target will be on the highs of August 12 – 15, where the next resistance is located with the borders of $24,500 – $25,210.

Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe. The borders of this support are $18,395 – $18,777.

Ethereum (ETH/USDT)

The support level was broken on the Daily timeframe on September 15, the trend is bearish now and the impulse wave develops.

A pullback selling opportunity will appear after the correction formation on the Daily timeframe.

The lows of July 11 – 14 will be the target for the bearish movement. It is the support level with the borders of $1,006 – $1,042.

Short positions will remain relevant until the market is below the nearest resistance level on the Daily chart, the highs of September 9 – 13. The borders of this resistance are $1,774 – $1,789..

Binance Coin (BNB/USDT)

The market is in the uptrend on the Daily timeframe. It reached the support level formed on September 6 – 7 on September 19 and the bullish candle was formed. The pullback buying opportunity was formed this way.

The first target in the bullish movement is the resistance level formed on September 9 – 12 with the borders of $296.5 – $298.5.

If the market is closed above this resistance successfully, the price is likely to move forward to the target #2 – it is the resistance level with the borders of $336 – $328.5 formed on August 10 – 14.

Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe. The borders of this support are $258.5 – $262.5.

APE (APE/USDT)

The market is in the uptrend on the Daily timeframe. The market reached the support level a few days ago and the pullback buying opportunity was formed.

Currently the price is around the resistance level and there is a chance that a correction wave may begin. In case of successful development of the trend, a more distant target will be on the highs of August 4 – 7, where the next resistance is located with the borders of $7.56 – $7.80.

When breaking through the support, the trend will reverse and we should look for selling opportunities. The borders of this level are $4.56 – $4.63.

Longs will remain relevant until the market is above the nearest support level on the Daily chart, the lows of September 15 – 17.

Dogecoin (DOGE/USDT)

The market remains in the downtrend, another low was broken on the Daily timeframe on September 18. We observe the impulse wave in the market now.

A pullback selling opportunity will appear after the correction formation on the Daily timeframe.

The first targets in the downward movement are lows formed on July 18 – 19. It is the support level with the borders of $0.050 – $0.053.

Short positions will remain relevant until the market is below the nearest resistance level on the Daily chart, the highs of September 16 – 18.

Bottom Line

In terms of medium-term trading, tokens with the correction close to completion on the Daily timeframe and with potentially the most promising risk-reward ratio are Bitcoin and Binance Coin.

In the near future, many tokens, for example Ethereum, will provide excellent opportunities to enter the market with a huge reward / risk ratio.

We used support and resistance levels for the analysis in this market overview.
FYI. We are building an indicator that will automatically plot key levels on all timeframes on all popular tokens..

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